Ep 31: Part 1 - The TOP 10 mistakes to avoid when investing in Mobile Home Parks – with Jefferson Lilly
Real Estate Investing for Cash Flow with Kevin Bupp
Kevin Bupp
4.8 • 679 Ratings
🗓️ 4 August 2014
⏱️ 49 minutes
🧾️ Download transcript
Summary
Jefferson Lilly is a mobile home park investment expert, educator, and industry consultant who has been featured in the New York Times and Bloomberg Magazine. Prior to co-founding Park Street Partners in 2013, Mr. Lilly spent seven years investing his own capital at Lilly & Company where he acquired and continues to operate mobile home parks in the Midwest, and consults to mobile home park owners in California.
Prior to becoming an investor full-time, Jefferson spent 10 years in sales leadership roles with several venture-backed startup companies in Silicon Valley that were acquired by Openwave Systems and VeriSign. Earlier in his career he held operational roles at Viacom and was a consultant with Bain & Company.
In this episode, Jefferson shares with us the Top 10 mistakes he made when getting started in this business with the hopes that you can learn from his mishaps and avoid these same pitfalls
In this interview with Jefferson you’re going to learn:
· Why building a team and surrounding yourself with other successful people in your niche is vital to your success
· Why you need to be slow to hire and quick to fire with park employees and managers
· How to dramatically increase your bottom line by buying 4 br MH’s instead of the common 3 bd units (almost the same price)
· The dangers behind not being fully involved with your park i.e., working a full-time job and trying to manage a park in a different state
· Why he loves tax season soooo much and looks forward to it every year
· And much more…
Transcript
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| 0:00.0 | You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it. |
| 0:09.2 | But you're tired of all the so-called gurus who are all talk and no substance. |
| 0:15.3 | Get ready to celebrate because Kevin Buck has spent 14 years successfully making it happen. |
| 0:21.6 | This is the Real Estate Investing for Cashflow podcast. |
| 0:25.2 | Now, here's Kevin Bup. |
| 0:30.4 | Hey guys, Kevin Bup here with episode number 31 of the Real Estate Investing for Cashflow |
| 0:35.6 | podcast, where our mission is to help you build and |
| 0:38.1 | maintain massive amounts of cash flow through income-producing real estate investments. |
| 0:42.7 | Our guest of honor for this week's show is Mobile Home Park Investor and consultant, |
| 0:47.2 | Jefferson Lilly. |
| 0:48.2 | And the title of this two-part series that we did with Jefferson is the top 10 mistakes |
| 0:52.2 | that he made when starting in the mobile home park |
| 0:54.8 | business. And the goal of this show is to educate those who have an interest in investing in |
| 1:01.5 | mobile home parks and really arm you with the knowledge needed to avoid these same cost |
| 1:06.5 | and mistakes that Jefferson made. And he made a bunch of them. So probably even more than the 10 that we're going to talk about. |
| 1:12.4 | And actually, I'm going to fill you guys in a little secret. |
| 1:15.2 | I'm not really supposed to say anything, but Jefferson is actually going to give us a little |
| 1:18.3 | treat by adding two additional mistakes to the list. |
| 1:21.3 | So you'll actually be getting 12 big mistakes instead of 10. |
| 1:24.9 | And the interview with Jefferson actually took so long. I mean, |
| 1:28.5 | we were covering such great content. I mean, we were digging really deep into these 12 different |
| 1:32.8 | mistakes that ended up going for about an hour and a half, which is why we turned it into a two-part |
... |
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